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The ICICI Bank Car Loan EMI Calculator is a useful tool that assists you in calculating the monthly EMI payments you must make to the bank throughout the Car Loan tenure.
This tool is a formula box with three sliders for the Car Loan Amount, Interest Rate and Loan Term. After entering your information, the Car Loan EMI Calculator will provide the Car Loan EMI due each month and the Total Car Loan Interest payable.
This also implies that the Car Loan EMI Calculator value will vary if any of the three factors are altered. Let's examine these three factors in depth.
- Car Loan Amount: The initial loan amount that the bank will lend you
- Car Loan Interest Rate: The rate of interest per annum determined by the bank
- Car Loan Term: The number of months allotted for the loan's payback. Due to the monthly payment requirement, the term is measured in months.
EMI is calculated as follows:
EMI = P x R x (1+R)^N / [(1+R)^N-1]
P = Principal amount of the loan
R = Rate of interest
N = Number of monthly instalments.
The Car Loan EMI calculator is based on a Fixed Rate of Interest.
The advantage of a Car Loan EMI Calculator is that you can calculate the exact EMIs to be repaid to ICICI Bank by entering the loan amount, number of months and interest rate. The Car Loan EMI Calculator removes the need for complex manual calculations.
Yes, one may increase the tenure up to 7 years i.e. 84 months while using the Car Loan EMI Calculator. You can do this by dragging the EMI Calculator slider by 12 months each time ranging from 12 months to 84 months.
Unfortunately, one cannot change their Car Loan EMI.
Yes, the Car Loan EMI Calculator can be used while purchasing new cars, second-hand (pre-owned) cars.